OPEC ministers approve 5% cut: Reduction starts Feb.1
Published:
20 January 2001 y., Saturday
The Organization of Petroleum Exporting Countries agreed Wednesday on a substantial reduction in crude supplies that aims to keep oil prices afloat near $25 a barrel. Ministers backed a proposal from Saudi Arabia for a cut of 1.5 million barrels a day that lowers limits for 10 members to 25.2 million.THE CUTS, which are to take effect Feb. 1, are aimed at keeping crude prices firm ahead of an expected slowdown in U.S. economic growth and diminishing seasonal demand for refined products such as heating oil. OPEC adopted the policy despite fears among major importing nations that it could spell trouble for the slowing economies of the West by raising energy costs again.
The United States and the European Union had urged producers to make only a modest reduction.After the deal, U.S. light crude eased 54 cents a barrel to $29.75. London Brent blend lost 51 cents to $25.00.
Šaltinis:
Associated Press
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Bank DnB NORD A/S increasing its holdings in its Lithuanian subsidiary to 99.84 percent through acquisition of shares from minority shareholders.
more »
AB Bank SNORAS will grant LTL 35 million for financing the small and medium businesses on the exclusive conditions.
more »
Rejecting survival plans from both General Motors and Chrysler, President Barack Obama warned the ailing US automakers they could be forced into bankruptcy if they don't find a way to slash their debt.
more »
Prevailing wisdom says when the going gets tough the weary go drinking. The demand for beer exceeds the demand for all other alcoholic beverages in USA.
more »
Things have been moving slowly for Swiss watchmakers in recent months. The global economic downturn has hit the country's third most important industry hard.
more »
The move came a day before the U.S. government was due to outline new steps to help GM and Chrysler as part of the federal bailout.
more »
With the European year of creativity and innovation in full swing, leading figures warn against cutting back on research and development in times of crisis.
more »
Wall Street has been looking for signs of a bullish comeback, and today's surprise news on the economic front revived a buying spree... started by Monday's 7% rally.
more »
With the economic crisis eating away at public finances, budget deficits in five countries are expected to exceed the 3% of gross domestic product allowed by the EU.
more »
China is calling for a new global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week's London summit on the financial crisis.
more »